Chevron Launches $500M Renewable Energy Technology Fund

Chevron Corporation’s venture capital arm has launched its third fund, committing $500 million to invest in renewable energy technologies. The Future Energy Fund III will allow Chevron to evaluate long-term investments in areas not directly connected to its current business operations, such as fusion, direct air capture, and battery technologies. Major oil companies have been investing in companies focused on biofuels, wind, solar, carbon capture, digital energy, and electric vehicles as they aim to diversify their portfolios amid the global push to transition to renewable energy sources and reduce emissions. This new fund will build upon the renewable technology investments made through Chevron’s two preceding funds, though there is no set timeline for deploying the capital or selecting recipient companies. The first Future Energy Fund was launched in 2018, followed by a second in 2021, totaling a $400 million commitment, with a portion still uninvested. These funds have invested in over 30 companies, including Aurora Hydrogen Inc., Electric Era Technologies Inc., ChargePoint Holdings Inc., and Carbon Clean Solutions Ltd.